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Table of Contents
NETGEAR, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
The accompanying notes are an integral part of these consolidated financial statements.
58
Year Ended December 31,
2011
2010
2009
Net revenue
$
1,181,018
$
902,052
$
686,595
Cost of revenue
811,572
602,805
480,195
Gross profit
369,446
299,247
206,400
Operating expenses:
Research and development
48,699
39,972
30,056
Sales and marketing
154,562
131,570
106,162
General and administrative
39,423
36,220
32,727
Restructuring and other charges
2,094
(88
)
809
Technology license arrangements
—
—
2,500
Litigation reserves, net
(201
)
211
2,080
Total operating expenses
244,577
207,885
174,334
Income from operations
124,869
91,362
32,066
Interest income, net
477
426
629
Other income (expense), net
(1,136
)
(564
)
(128
)
Income before income taxes
124,210
91,224
32,567
Provision for income taxes
32,842
40,315
23,234
Net income
$
91,368
$
50,909
$
9,333
Net income per share:
Basic
$
2.46
$
1.44
$
0.27
Diluted
$
2.41
$
1.41
$
0.27
Weighted average shares outstanding used to compute net income per share:
Basic
37,121
35,385
34,485
Diluted
37,932
36,124
34,848